ABB Signs Agreement with Korea Electric Power Corporation To Support Nuclear Power Program Over Next Ten Years.NORWALK, Conn.--(BUSINESS WIRE)--June 26, 1997--A unit of ABB Inc. has entered into three agreements with Korea Electric Power This article is about Korean Electric Power Company. For the Japanese Electric Power Company, see Kansai Electric Power Company. Korea Electric Power (NYSE: KEP) is the only electric utility provider in South Korea. Corporation (KEPCO KEPCO Korea Electric Power Corporation KEPCO Kansai Electric Power Company, Inc. (Japan) KEPCO Kyushu Electric Power Company, Inc. (Japan) ) under which ABB will continue to provide support to the Korean nuclear power program over the next ten years. The agreements were signed in a ceremony at KEPCO headquarters in Seoul last month. The agreements with ABB Combustion Engineering Nuclear Systems include a technology cooperation agreement with KEPCO, a license agreement with KEPCO and other related Korean nuclear industry companies for design and manufacture of advanced pressurized water reactor Advanced Pressurized Water Reactor is a type of nuclear reactor which is an improved version of existing Pressurized Water Reactor types. Examples include Westinghouse's AP600 and AP1000, Areva's EPR and Mitsubishi's APWR. systems technology, and a support work agreement for development of the Korean Next Generation Reactor. The other Korean companies included under the license agreement are Korea Heavy Industries & Construction Co., Ltd. (HANJUNG), Korea Power Engineering Company, Inc., Korea Nuclear Fuel Company, Ltd., and Korea Atomic Energy Research Institute. ABB Combustion Engineering Nuclear Systems designs and manufactures nuclear systems and components. ABB (Asea Brown Boveri) Inc. (http://www.abb.com/americas/usa), with headquarters in Norwalk, Conn., engineers products and services for power generation, transmission and distribution; industrial processes; and transportation. The company and its affiliates had annual U.S. revenues of approximately $5.4 billion in 1996 and employ 22,000 people in 40 states. Their parent, ABB Asea Brown Boveri ABB, formerly Asea Brown Boveri, is a multinational corporation headquartered in Zürich, Switzerland, operating mainly in the power and automation technology areas. ABB is one of the largest engineering companies as well as one of the largest conglomerate companies in the Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ABBBY and OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :ABBGY), employs approximately 215,000 people worldwide and had revenues in 1996 of $35 billion. CONTACT: William Kelly, 203-750-2246 e-mail: william.s.kelly@usabb.mail.abb.com |
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